Quiet week, no change to rates.

No major changes to rates this week.

Happy Friday from Local Mortgage!

A fairly quiet week for mortgage rates as markets settled after last week’s FED meeting. Rates up just a bit for the week with our best 30 fixed conventional loan still at 6.00%.

The biggest piece of economic data this week was this morning’s Personal Consumption Expenditures, or PCE Index. This core component of this report, which excludes food and energy, was up 0.2% for the month of August. This puts the core PCE Index at 2.9%, which is still stubbornly higher than the FED’s target of 2%. This reading was pretty much in line with expectations so there wasn’t much of a reaction from the markets.   

In real estate news, existing home sales nationally fell slightly from July to August with the median home price still right around $422,000. On a local level, there wasn’t much change in existing home sales from July to August either with YTD sales still down just over 6%.  

Next week, we will get the ISM manufacturing index on Wednesday, and then on Friday we will get the services sector index along with the week’s headliner, the key employment report.

Hope everyone has a great weekend and thank you for reading.